LazyPay, a major player in the Indian Buy Now Pay Later (BNPL) space, recently launched LazyPay EMI, which will empower merchants to offer instant and cardless Equated Monthly Instalments (EMI) options to their consumers up to a ticket value of Rs 1 lakh.
While the facility is live on various platforms like Policyboss, Medvarsity, Learningbix, Nexopay and more, the company is integrating with the well-known PayU payment gateway to further extend its outreach and ease of access to credit for increased sales for around 3.5 lakh PayU-enabled sellers.
Notably, the EMIs, which will have a repayment tenure between 3-12 months and charge zero or minimal interest range from 3-12 months, will also allow consumers to choose from a host of flexible and convenient repayment options.
According to the company, the LazyPay EMI has been strategically launched as a response to bridge the prevailing credit gap in the Indian market, along with serving the evolving credit needs of the data-rich and digitally active consumers, which are not being addressed by traditional financial institutions.
In addition to providing affordability and comfort of shopping by analysing user-data points basis factors like their background and social media insights, the solution will also take into ambit individuals who have no prior credit history or a score. The market offers potential given that even though India has more than 150 million users undertaking digital transactions, only 30 million consumers possess a credit card.
As per reports, the company plans to onboard over 1,000 merchants across Edtech, insurance, EVs, e-commerce, and Healthtech segments by March 2022, while empowering around 60 million pre-approved users of LazyPay with the advantage of buying desired products or services, both online and offline, without any delay, and pay later in small EMIs.
“LazyPay has been one of the most preferred BNPL options for consumers across India since its inception in 2017. We first launched a deferred payment product that caters to small-ticket transactions followed by the second version of LazyPay for big-ticket purchases. Our constant endeavour has been to provide world-class checkout experiences to consumers and drive higher conversions for merchants and aligned to this we have embarked on LazyPay ‘buy now pay later’ EMI financing. Covid has globally changed consumer preferences for credit, with millions of consumers opting for interest-free credit at checkout points on online platforms and facilitators", said Anup Agrawal, Business Head, LazyPay.
In the next two years, the company expects its Buy Now, Pay Later EMI product to be the largest contributor to the overall credit disbursals by LazyPay, he added.
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